Housing Slump Continues – New House Sales, Prices Fall

The Dallas-Fort Worth property market is still searching to rebound as new house sales and costs ongoing to consider a tumble.

Inside a recent report through the Dallas-based Residential Strategies, new house sales within the metroplex dropped nearly 39 percent within the second quarter over a last year. The area’s ongoing increase in unemployment adds concern for builders. The report also revealed a 50 % loss of housing starts between April and June when compared to same time this past year.

Compared, sales of Dallas luxury homes, worth $a million and greater, recorded a 45 percent decline – based on the latest reports by Texas A&M University’s Property Center and also the North Texas Property Information System. With your a higher decline, Dallas luxury homes look is the most impacted by the housing slump.

Because the sales keep falling, home values also have taken a success.

Standard & Poor/Situation-Shiller’s latest housing index recorded a Dallas-Fort Worth home values dropped five percent from this past year Up slightly from recently, however. Based on the index, prices fell 18.1 % across 20 other U.S. metropolitan markets surveyed. It, however, notes the rate of nationwide home cost decline has really improved out of this year’s earlier record dips.

Latest data through the Texas A&M University’s Property Center and also the North Texas Property Information System sets the median home sales cost to $139,500, a 3 % stop by North Texas median home sales prices this season.

A brand new report by mortgage insurer PMI Group Corporation. expects “minimal risk” for more declines in Dallas-Fort Worth home values over the following 2 yrs.

Even though the nationwide housing slump continues, there’s still great news.

The Nar (NAR) recorded a 4th straight rise in their latest Pending Home Sales Index – the very first time in nearly 5 years. Every month, the index tracks the connection between existing, signed property contracts and actual transaction closings.